Form 1040: the Best Way to Tell about your Income and Expenses

January 16, 2017

Form 1040: U.S. Individual Income Tax Return Today we are going to talk about one of the major individual forms during the tax period: Form 1040, Individual Income Tax Return. This form should be completed by all citizens and residents of the USA who received income during the tax year. First of all, this form...Read More

Fixing Your Tax Return: 1040X

January 2, 2014

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This post was updated in April 2018 If you’ve already filed your 2017 tax return, and you realize you’ve made a mistake, don’t panic. The IRS created Form 1040X just for situations like this. If you accidentally neglected to report all of your income or you didn’t claim a credit, you can file an amended...Read More

Corporate Tax Returns: Form 1120S

December 26, 2013

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Form 1120S is specifically designed for S corporations. In general, S corporations do not pay any federal income taxes. Instead, the corporation’s income or losses are divided among, and passed through, to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns. Just as a 1040 form is...Read More

Reporting Your Income: Form 1040

December 25, 2013

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The IRS 1040 form is the most common form filled out by American tax payers. The 1040 form is where you’ll calculate and report your “Adjusted Gross Income” or AGI. You’ll include all the money you earned (in all its different forms) throughout the year, such as wages and salary, tips, interest, dividends, taxable state and...Read More